The resale disclosure certificate required under MCIOA sets forth basic information about the association that sellers must provide to buyers, including information about the associations finances and operations.
What is a resale disclosure?
The resale certificate provides specific information about the home you are buying and its standing in the community association. It includes any past due payments to the association, pending violations, unpaid violations, unpaid special assessments and fees that are due upon closing.
What is a resale disclosure package?
A Resale Package is a packet of important information that is provided to a buyer of a home that is within a community association.
What is a resale listing?
Resale are properties that are previously owned and re-selling not new. This is a short sale. The owner and a buyer agree to a contract then the bank has the finial say rather they will allow the sale to go through as-is or not.
What does resale only mean?
Resale are properties that are previously owned and re-selling not new. Foreclosures are properties that were previously owned and the owner failed to make the mortgage payments therefore the bank foreclosed took back the property. The in between is when the owner has to sell their home for less than they own the bank.
What is the difference between sale and resale?
As nouns the difference between resale and sale is that resale is the action of selling something previously bought, usually at a higher price for profit while sale is splinter.
Is a HOA resale certificate required in Texas?
When you sell a home that is part of an HOA in the state of Texas, Texas Property Code Chapter 207 requires an HOA to provide disclosure. This disclosure/information is called a “resale certificate”. By law, the HOA can charge a reasonable fee to assemble, copy and deliver a “Resale Certificate”.
How do I become HOA certified?
TipsContact the seller or have your real estate agent or loan broker do so. The seller is responsible for applying for the HOA certification prior to or during escrow. For HOA certification from FHA, check with local banks. Some offer a no-cost alternative in getting FHA certified.